The Papua New Guinea police force says the Crimes Directorate is now going through recommendations reached by the Commission of Inquiry into the sinking of the MV Rabaul Queen.
The Rabaul Queen sank in heavy seas off Lae on February the 2nd, with an estimated loss of life of up to 161 people.
The Commission of Inquiry found the inter-islands ferry was both unseaworthy and unsafe and that the ship's owner displayed flagrant disregard for the safety of passengers.
The Deputy Commissioner of Police Operations, Simon Kauba, says investigators are going over the Inquiry's transcripts to tie all the loose ends before any charges can be laid.
Mr Kauba says that since this is not a straightforward criminal case, it requires proper examination of the facts as well as identification of eye witnesses before arrests can be made and charges laid.
He anticipates investigation to be completed within the next two weeks.